Sterling slumped below $1.20 on Tuesday to its weakest in three-years, as Prime ...
LONDON - Sterling slumped below $1.20 on Tuesday to its weakest in three-years, as Prime Minister Boris Johnson’s implicit ultimatum to lawmakers to back him on Brexit or face an election sent investors scrambling to dump British assets.
“The next 48 hours are potentially quite significant, and sterling shows you that,” said Andrew Milligan, head of global strategy at Aberdeen Standard Investments. Against the euro EURGBP=D3 the pound’s decline was much more contained on Tuesday, falling to a two-week low of 91.47 pence before recovering somewhat.Traders said volumes of sterling transacted on Tuesday were larger than usual but were not huge given the political drama.
Volatility gauges for the pound have jumped as investors braced for more wild swings in the weeks and months ahead GBPONO=GBP1MO=GBP3MO=, meaning investors betting on higher volatility would have banked a tidy profit.
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